Late upswing not enough to recoup earlier losses: ASX closes 1.1% lower

Market Reports

by Peter Milios

The ASX 200 continued on its downpath from lunchtime, however had a slight increase post 2pm. Overall, at the closing bell, the S&P/ASX 200 was 1.06 per cent lower at 7,352.20.

Sectors were mostly lower, with Financials falling even further since noon, to close down more by 3.4 per cent. Utilities closed higher 1.1 per cent higher, following big gains from Meridian Energy (ASX:MEX), and Origin Energy (ASX:ORG).


The Dow Jones futures are pointing to a fall of 101 points.
The S&P 500 futures are pointing to a fall of 16.25 points.
The Nasdaq futures are pointing to a fall of 66 points.
The SPI futures are pointing to a fall of 75 points when the market next opens.

Best and worst performers

The best-performing sector was Utilities, up 1.12 per cent. The worst-performing sector was Financials, down 3.39 per cent.

The best-performing large cap was Cochlear (ASX:COH), closing 7.75 per cent higher at $225.28. It was followed by shares in Whitehaven Coal (ASX:WHC) and Meridian Energy (ASX:MEZ).

The worst-performing large cap was Treasury Wine Estates (ASX:TWE), closing 6.91 per cent lower at $13.34. It was followed by shares in Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC).

Asian news

Japan's Nikkei has lost 0.42 per cent.
Hong Kong's Hang Seng has lost 1.29 per cent.
China's Shanghai Composite has gained 0.57 per cent.

Company news

Petratherm (ASX:PTR) announced exceptional rare earth drill results from the Meteor Prospect, in South Australia. Commenting on these results, Petratherm’s CEO Mr Peter Reid said: “The Meteor Prospect results are highly encouraging. The mineralisation starts at just a few metres below surface in the soft weathering profile allowing the potential for low-cost free dig mining.” Shares last traded 1.43 per cent higher at 7.1 cents.

Legacy Minerals (ASX:LGM) announced a significant new discovery at their project in NSW. In response, CEO & Managing Director, Christopher Byrne said “The Bauloora Project has the potential to be a very large gold-silver epithermal system and presents a great opportunity to deliver shareholder value through discovery.” Shares last traded 6.25 per cent higher at 17 cents.

Castillo Copper (ASX:CCZ) has announced impressive diamond core TREO assay results across the central part of the BHA Project’s East Zone. In response, Castillo Copper’s MD Dr Dennis Jensen commented: “The Board is delighted with the latest results, as it increases confidence in the underlying REE system. The Board looks forward to receiving the remaining assays and charting the next phase of the exploration campaign.” Shares last traded 13.3 per cent higher at 1.7 cents.

White Cliff Minerals (ASX:WCN) announced the highest grade REE results to date at their Rare Earths Project. Commenting on the results, White Cliff Technical Director Ed Mead said: “The assay results build on our understanding of [the project], and the sampling in December did not have the benefit of results and targets generated from the recent high resolution magnetic and radiometric survey.” Shares last traded 9.09 per cent higher at 1.2 cents.

Commodities and the dollar

Gold is trading at US$1,856.00 an ounce.
Iron ore is 1.6 per cent higher at US$123.75 a tonne.
Iron ore futures are pointing to a 2.47 per cent rise.
Light crude is trading $0.70 lower at US$78.36 a barrel.
One Australian dollar is buying 69.33 US cents.

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